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Complete the table and answer the following questions.
You need to know:
The pri
Complete the table and answer the following questions.
You need to know:
The price for this perfectly competitive firm is $210. Remember, TR = P x Q, and remember this is a perfectly competitive environment, in which P = MR.
You can deduce the Fixed Cost (FC) from the first horizontal input line (0 Quantity), because of the formula TC = FC + VC. You can assume that before Week 1 (the first production week), that VC = 0.
Remember also that Profit (P) = TR – TC. If TC › TR, the result will be negative, representing a loss.
You can calculate MC using the TC column; and you know that MR = P.
Should this firm produce?
b. If so, how many units should it produce?
c. What is the economic profit or economic loss, at the optimal quantity of production?
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